# Telecom Plus (TEP.LSE)

Canonical: https://gigainvestors.com/s/TEP.LSE

Analysis as of: 2026-10-16T07:44:29.812Z. Financial observations: FY1998–FY2026.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 864.00 per share; close as of 2026-10-15.

Estimated value: low GBX 1,293.89 per share, central GBX 1,462.82 per share, high GBX 1,687.71 per share. Buy at or below the central value GBX 1,462.82 per share. Valuation as of 2026-10-16T07:44:29.812Z; scenarios are not confidence intervals.

Expected annual return: 15.5% at the stated quote. About 15.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.06×

- FY2020: 0.06×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.03×

- FY2024: 0.05×

- FY2025: 0.06×

- FY2026: 0.06×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 13.4%

- ROIC, second-lowest year: 12.1%

- Typical minus recent gross margin: -1.4 pp

- Typical gross margin (annual median): 18.1%

- Recent gross margin (lower of latest and 3-year median): 19.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 17.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 12.1%

- FY2018: 13.3%

- FY2019: 13.2%

- FY2020: 13.1%

- FY2021: 12.0%

- FY2022: 13.6%

- FY2023: 54.7%

- FY2024: 21.4%

- FY2025: 22.9%

- FY2026: 21.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 394M

- Net income, five-year total: GBP 332M

- Return on incremental invested capital: 77.3%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -0.9 pp

- Working capital / revenue, final three-year average: 15.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.29×

- FY2023: 1.15×

- FY2024: 1.12×

- FY2025: 1.07×

- FY2026: 1.34×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 13.2% vs 21.9%

- Per-share earnings: 0.39 to 0.95 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: GBP 90M

- Cumulative retained earnings: GBP -4.7M

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 11.8%

- Per-share value change: GBP 0.56

- Per-share value, starting three-year median: GBP 0.39

- Per-share value, ending three-year median: GBP 0.95

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 0.8%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 38M

- Cumulative net income, 10 years: GBP 494M

- ROIC, first three-year median: 13.2%

- ROIC, last three-year median: 21.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.38

- FY2018: GBP 0.39

- FY2019: GBP 0.42

- FY2020: GBP 0.46

- FY2021: GBP 0.41

- FY2022: GBP 0.44

- FY2023: GBP 0.85

- FY2024: GBP 0.89

- FY2025: GBP 0.95

- FY2026: GBP 1.00

### accounting: pass

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.33×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.66×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.2%

- FY2018: -1.6%

- FY2019: 1.3%

- FY2020: -0.6%

- FY2021: -2.3%

- FY2022: -3.4%

- FY2023: -21.1%

- FY2024: 31.2%

- FY2025: -4.4%

- FY2026: -3.3%

## Holders

## Price story

Down 65% since Nov 2022 · sales +5.6%

Story as of 2026-10-16T10:00:13.077Z; price observation 2026-10-15.

Price needs cash profits to shrink 6.2% a year for ten years

### Sales · FY2025–2026

sales +5.6%; source https://filings.xbrl.org/549300QGHDX5UKE58G86/2026-03-31/ESEF/GB/0/549300QGHDX5UKE58G86-2026-03-31/reports/549300QGHDX5UKE58G86-2026-03-31-T01.xhtml; observed 2026-09-02.

- FY2017: GBP 740M 

- FY2018: GBP 793M 

- FY2019: GBP 804M 

- FY2020: GBP 876M 

- FY2021: GBP 861M 

- FY2022: GBP 967M 

- FY2023: GBP 2.5B 

- FY2024: GBP 2.0B 

- FY2025: GBP 1.8B 

- FY2026: GBP 1.9B 

### Gross margin · FY2026

gross margin 19.5%; source https://filings.xbrl.org/549300QGHDX5UKE58G86/2026-03-31/ESEF/GB/0/549300QGHDX5UKE58G86-2026-03-31/reports/549300QGHDX5UKE58G86-2026-03-31-T01.xhtml; observed 2026-09-02.

- FY2017: 17.2% 

- FY2018: 17.6% 

- FY2019: 18.6% 

- FY2020: 17.9% 

- FY2021: 18.8% 

- FY2022: 18.3% 

- FY2023: 11.9% 

- FY2024: 17.4% 

- FY2025: 19.5% 

- FY2026: 19.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities diversified; annual sales are GBP 1.9 billion.

- Source: https://eodhd.com/api/fundamentals/TEP.LSE.json#2026-03-31 (filed 2026-09-02); FY2026: revenue 1941057000; grossProfit 377936000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TEP.LSE: Telecom Plus Plc provides utility services in the United Kingdom. It is involved in the resale of various services, including gas, electricity, fixed line telephony, mobile telephony, broadband, and insurance under the Utility Warehouse and TML brands. The company also provides bill protection and life cover, home insurance and boiler cover, and cashback card services. Telecom Plus Plc was incorporated in 1996 and is based in London, the United Kingdom.

### Why customers stay

Margins ranged from 17.4% to 19.5% during 2024–26; it earns 13.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/TEP.LSE.json#2024-03-31 (filed 2026-09-02); FY2024: grossProfit / revenue = 17.4%.

- Source: https://eodhd.com/api/fundamentals/TEP.LSE.json#2025-03-31 (filed 2026-09-02); FY2025: grossProfit / revenue = 19.5%.

- Source: https://eodhd.com/api/fundamentals/TEP.LSE.json#2026-03-31 (filed 2026-09-02); FY2026: grossProfit / revenue = 19.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2017,0.12070435626887643],[2018,0.1328964753057131],[2019,0.13158023523968557],[2020,0.13118161914348098],[2021,0.11955581956735303],[2022,0.13578578393912383],[2023,0.546551742034597],[2024,0.21377528463539514],[2025,0.2289059571921834],[2026,0.21931949453911798]]; median 0.13434112962241845. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 1000 of shares.

- Source: https://eodhd.com/api/fundamentals/TEP.LSE.json#2017-03-31 (filed 2026-09-02); FY2017: growth capex 0; upkeep 2066000; owner earnings 43668000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TEP.LSE.json#2018-03-31 (filed 2026-09-02); FY2018: growth capex 0; upkeep 1028000; owner earnings 45068000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TEP.LSE.json#2019-03-31 (filed 2026-09-02); FY2019: growth capex 0; upkeep 2495000; owner earnings 45893800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TEP.LSE.json#2020-03-31 (filed 2026-09-02); FY2020: growth capex 0; upkeep 10319000; owner earnings 41285200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TEP.LSE.json#2021-03-31 (filed 2026-09-02); FY2021: growth capex 0; upkeep 10039000; owner earnings 40399800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TEP.LSE.json#2022-03-31 (filed 2026-09-02); FY2022: growth capex 0; upkeep 9943000; cash acquisitions 0; owner earnings 45714800. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TEP.LSE.json#2023-03-31 (filed 2026-09-02); FY2023: growth capex 0; upkeep 11015000; cash acquisitions 596000; owner earnings 78654200. Growth capex plus acquisitions / owner earnings = 0.007577472023108747.

- Source: https://eodhd.com/api/fundamentals/TEP.LSE.json#2024-03-31 (filed 2026-09-02); FY2024: growth capex 0; upkeep 12496000; cash acquisitions 0; owner earnings 79617800. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TEP.LSE.json#2025-03-31 (filed 2026-09-02); FY2025: growth capex 0; upkeep 17163000; cash acquisitions 0; owner earnings 81378400. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TEP.LSE.json#2026-03-31 (filed 2026-09-02); FY2026: growth capex 0; upkeep 448000; owner earnings 108230400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2017,37633000],[2018,38273000],[2019,39739000],[2020,42214000],[2021,44708000],[2022,44787000],[2023,50601000],[2024,64982000],[2025,66437000],[2026,75794000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/TEP.LSE.json#2026-03-31 (filed 2026-09-02); FY2026: cash repurchases 1000 GBP.

### Are managers owners

Insiders own 10.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TEP.LSE SharesStats.PercentInsiders = 10.41 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 6.2% yearly over ten years; actual growth was 9.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate -0.09936363781143592. Price 864; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.5288703137050028 → FY2026 1.3404805548674759. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 1,184.00 per share

- 2016-11: GBX 1,251.00 per share

- 2016-12: GBX 1,176.00 per share

- 2017-01: GBX 1,216.00 per share

- 2017-02: GBX 1,207.00 per share

- 2017-03: GBX 1,197.00 per share

- 2017-04: GBX 1,250.00 per share

- 2017-05: GBX 1,321.00 per share

- 2017-06: GBX 1,155.00 per share

- 2017-07: GBX 1,147.00 per share

- 2017-08: GBX 1,090.00 per share

- 2017-09: GBX 1,086.00 per share

- 2017-10: GBX 1,220.00 per share

- 2017-11: GBX 1,190.00 per share

- 2017-12: GBX 1,201.00 per share

- 2018-01: GBX 1,160.00 per share

- 2018-02: GBX 1,250.00 per share

- 2018-03: GBX 1,222.00 per share

- 2018-04: GBX 1,082.00 per share

- 2018-05: GBX 1,036.00 per share

- 2018-06: GBX 1,126.00 per share

- 2018-07: GBX 1,032.00 per share

- 2018-08: GBX 1,026.00 per share

- 2018-09: GBX 1,042.00 per share

- 2018-10: GBX 1,220.00 per share

- 2018-11: GBX 1,366.00 per share

- 2018-12: GBX 1,432.00 per share

- 2019-01: GBX 1,410.00 per share

- 2019-02: GBX 1,416.00 per share

- 2019-03: GBX 1,520.00 per share

- 2019-04: GBX 1,412.00 per share

- 2019-05: GBX 1,486.00 per share

- 2019-06: GBX 1,410.00 per share

- 2019-07: GBX 1,332.00 per share

- 2019-08: GBX 1,160.00 per share

- 2019-09: GBX 1,230.00 per share

- 2019-10: GBX 1,202.00 per share

- 2019-11: GBX 1,330.00 per share

- 2019-12: GBX 1,502.00 per share

- 2020-01: GBX 1,512.00 per share

- 2020-02: GBX 1,334.00 per share

- 2020-03: GBX 1,242.00 per share

- 2020-04: GBX 1,324.00 per share

- 2020-05: GBX 1,452.00 per share

- 2020-06: GBX 1,424.00 per share

- 2020-07: GBX 1,340.00 per share

- 2020-08: GBX 1,372.00 per share

- 2020-09: GBX 1,336.00 per share

- 2020-10: GBX 1,330.00 per share

- 2020-11: GBX 1,430.00 per share

- 2020-12: GBX 1,434.00 per share

- 2021-01: GBX 1,304.00 per share

- 2021-02: GBX 1,178.00 per share

- 2021-03: GBX 1,270.00 per share

- 2021-04: GBX 1,300.00 per share

- 2021-05: GBX 1,184.00 per share

- 2021-06: GBX 1,136.00 per share

- 2021-07: GBX 1,026.00 per share

- 2021-08: GBX 1,030.00 per share

- 2021-09: GBX 1,216.00 per share

- 2021-10: GBX 1,248.00 per share

- 2021-11: GBX 1,432.00 per share

- 2021-12: GBX 1,586.00 per share

- 2022-01: GBX 1,502.00 per share

- 2022-02: GBX 1,450.00 per share

- 2022-03: GBX 1,530.00 per share

- 2022-04: GBX 1,662.00 per share

- 2022-05: GBX 1,680.00 per share

- 2022-06: GBX 1,956.00 per share

- 2022-07: GBX 2,250.00 per share

- 2022-08: GBX 1,950.00 per share

- 2022-09: GBX 1,726.00 per share

- 2022-10: GBX 2,125.00 per share

- 2022-11: GBX 2,485.00 per share

- 2022-12: GBX 2,195.00 per share

- 2023-01: GBX 1,998.00 per share

- 2023-02: GBX 1,760.00 per share

- 2023-03: GBX 1,890.00 per share

- 2023-04: GBX 1,806.00 per share

- 2023-05: GBX 1,520.00 per share

- 2023-06: GBX 1,690.00 per share

- 2023-07: GBX 1,664.00 per share

- 2023-08: GBX 1,590.00 per share

- 2023-09: GBX 1,490.00 per share

- 2023-10: GBX 1,544.00 per share

- 2023-11: GBX 1,532.00 per share

- 2023-12: GBX 1,612.00 per share

- 2024-01: GBX 1,454.00 per share

- 2024-02: GBX 1,462.00 per share

- 2024-03: GBX 1,628.00 per share

- 2024-04: GBX 1,736.00 per share

- 2024-05: GBX 1,882.00 per share

- 2024-06: GBX 1,764.00 per share

- 2024-07: GBX 1,900.00 per share

- 2024-08: GBX 1,844.00 per share

- 2024-09: GBX 1,848.00 per share

- 2024-10: GBX 1,680.00 per share

- 2024-11: GBX 1,800.00 per share

- 2024-12: GBX 1,718.00 per share

- 2025-01: GBX 1,672.00 per share

- 2025-02: GBX 1,690.00 per share

- 2025-03: GBX 1,740.00 per share

- 2025-04: GBX 1,892.00 per share

- 2025-05: GBX 2,015.00 per share

- 2025-06: GBX 1,932.00 per share

- 2025-07: GBX 1,848.00 per share

- 2025-08: GBX 1,810.00 per share

- 2025-09: GBX 1,874.00 per share

- 2025-10: GBX 1,776.00 per share

- 2025-11: GBX 1,582.00 per share

- 2025-12: GBX 1,358.00 per share

- 2026-01: GBX 1,332.00 per share

- 2026-02: GBX 1,370.00 per share

- 2026-03: GBX 1,292.00 per share

- 2026-04: GBX 1,170.00 per share

- 2026-05: GBX 1,004.00 per share

- 2026-06: GBX 743.00 per share

- 2026-07: GBX 851.00 per share

- 2026-08: GBX 875.00 per share

- 2026-09: GBX 809.00 per share

- 2026-10: GBX 864.00 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 555.15 per share, central GBX 755.84 per share, high GBX 885.14 per share

- FY2018: low GBX 778.32 per share, central GBX 1,075.76 per share, high GBX 1,259.36 per share

- FY2019: low GBX 730.25 per share, central GBX 940.00 per share, high GBX 1,097.17 per share

- FY2020: low GBX 806.11 per share, central GBX 1,018.05 per share, high GBX 1,183.77 per share

- FY2021: low GBX 748.37 per share, central GBX 926.63 per share, high GBX 1,079.46 per share

- FY2022: low GBX 687.16 per share, central GBX 848.18 per share, high GBX 987.35 per share

- FY2023: low GBX 2,156.00 per share, central GBX 3,002.86 per share, high GBX 3,495.99 per share

- FY2024: low GBX 1,646.45 per share, central GBX 2,342.87 per share, high GBX 2,748.40 per share

- FY2025: low GBX 1,434.96 per share, central GBX 2,027.25 per share, high GBX 2,372.14 per share

- FY2026: low GBX 1,228.52 per share, central GBX 1,388.92 per share, high GBX 1,602.45 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300QGHDX5UKE58G86/2026-03-31/ESEF/GB/0/549300QGHDX5UKE58G86-2026-03-31/reports/549300QGHDX5UKE58G86-2026-03-31-T01.xhtml); period 2026-03-31, filed 2026-09-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Telecom Plus

TEP · LSE

FTSE 250

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: GBX 864.00
Buy up to: GBX 1,462.82
Expected / yr: 15.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 14.6% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 5.2%
Worst year: 3.4%
Latest · 2026: 6.4%

Capital return excluding acquisitions: median 13.4% (minimum 15%).

ROIC excluding acquisitions

10y median: 13.4%
Worst year: 12.0%
Latest · 2026: 21.9%

Each $1 of profit left $1.19 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.19×
Annual median: 1.15×
Latest · 2026: 1.34×

Per-share value rose from 0.39 to 0.95, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: GBP 0.45
Worst year: GBP 0.38
Latest · 2026: GBP 1.00

Profits were backed by cash: accruals were -3.3% of assets (limit 10%).

Sloan accruals

10y median: -2.8%
Worst year: 31.2%
Latest · 2026: -3.3%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 5.3%, three-year average owner earnings per share 1.12 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 1184.00; 2016-11 · Price GBX 1251.00; 2016-12 · Price GBX 1176.00; 2017-01 · Price GBX 1216.00 · Value 755.84 · Buy at or below 755.84; 2017-02 · Price GBX 1207.00 · Value 755.84 · Buy at or below 755.84; 2017-03 · Price GBX 1197.00 · Value 755.84 · Buy at or below 755.84; 2017-04 · Price GBX 1250.00 · Value 755.84 · Buy at or below 755.84; 2017-05 · Price GBX 1321.00 · Value 755.84 · Buy at or below 755.84; 2017-06 · Price GBX 1155.00 · Value 755.84 · Buy at or below 755.84; 2017-07 · Price GBX 1147.00 · Value 755.84 · Buy at or below 755.84; 2017-08 · Price GBX 1090.00 · Value 755.84 · Buy at or below 755.84; 2017-09 · Price GBX 1086.00 · Value 755.84 · Buy at or below 755.84; 2017-10 · Price GBX 1220.00 · Value 755.84 · Buy at or below 755.84; 2017-11 · Price GBX 1190.00 · Value 755.84 · Buy at or below 755.84; 2017-12 · Price GBX 1201.00 · Value 755.84 · Buy at or below 755.84; 2018-01 · Price GBX 1160.00 · Value 755.84 · Buy at or below 755.84; 2018-02 · Price GBX 1250.00 · Value 1075.76 · Buy at or below 1075.76; 2018-03 · Price GBX 1222.00 · Value 1075.76 · Buy at or below 1075.76; 2018-04 · Price GBX 1082.00 · Value 1075.76 · Buy at or below 1075.76; 2018-05 · Price GBX 1036.00 · Value 1075.76 · Buy at or below 1075.76; 2018-06 · Price GBX 1126.00 · Value 1075.76 · Buy at or below 1075.76; 2018-07 · Price GBX 1032.00 · Value 1075.76 · Buy at or below 1075.76; 2018-08 · Price GBX 1026.00 · Value 1075.76 · Buy at or below 1075.76; 2018-09 · Price GBX 1042.00 · Value 1075.76 · Buy at or below 1075.76; 2018-10 · Price GBX 1220.00 · Value 1075.76 · Buy at or below 1075.76; 2018-11 · Price GBX 1366.00 · Value 1075.76 · Buy at or below 1075.76; 2018-12 · Price GBX 1432.00 · Value 1075.76 · Buy at or below 1075.76; 2019-01 · Price GBX 1410.00 · Value 1075.76 · Buy at or below 1075.76; 2019-02 · Price GBX 1416.00 · Value 940.00 · Buy at or below 940.00; 2019-03 · Price GBX 1520.00 · Value 940.00 · Buy at or below 940.00; 2019-04 · Price GBX 1412.00 · Value 940.00 · Buy at or below 940.00; 2019-05 · Price GBX 1486.00 · Value 940.00 · Buy at or below 940.00; 2019-06 · Price GBX 1410.00 · Value 940.00 · Buy at or below 940.00; 2019-07 · Price GBX 1332.00 · Value 940.00 · Buy at or below 940.00; 2019-08 · Price GBX 1160.00 · Value 940.00 · Buy at or below 940.00; 2019-09 · Price GBX 1230.00 · Value 940.00 · Buy at or below 940.00; 2019-10 · Price GBX 1202.00 · Value 940.00 · Buy at or below 940.00; 2019-11 · Price GBX 1330.00 · Value 940.00 · Buy at or below 940.00; 2019-12 · Price GBX 1502.00 · Value 940.00 · Buy at or below 940.00; 2020-01 · Price GBX 1512.00 · Value 940.00 · Buy at or below 940.00; 2020-02 · Price GBX 1334.00 · Value 1018.05 · Buy at or below 1018.05; 2020-03 · Price GBX 1242.00 · Value 1018.05 · Buy at or below 1018.05; 2020-04 · Price GBX 1324.00 · Value 1018.05 · Buy at or below 1018.05; 2020-05 · Price GBX 1452.00 · Value 1018.05 · Buy at or below 1018.05; 2020-06 · Price GBX 1424.00 · Value 1018.05 · Buy at or below 1018.05; 2020-07 · Price GBX 1340.00 · Value 1018.05 · Buy at or below 1018.05; 2020-08 · Price GBX 1372.00 · Value 1018.05 · Buy at or below 1018.05; 2020-09 · Price GBX 1336.00 · Value 1018.05 · Buy at or below 1018.05; 2020-10 · Price GBX 1330.00 · Value 1018.05 · Buy at or below 1018.05; 2020-11 · Price GBX 1430.00 · Value 1018.05 · Buy at or below 1018.05; 2020-12 · Price GBX 1434.00 · Value 1018.05 · Buy at or below 1018.05; 2021-01 · Price GBX 1304.00 · Value 1018.05 · Buy at or below 1018.05; 2021-02 · Price GBX 1178.00 · Value 926.63 · Buy at or below 926.63; 2021-03 · Price GBX 1270.00 · Value 926.63 · Buy at or below 926.63; 2021-04 · Price GBX 1300.00 · Value 926.63 · Buy at or below 926.63; 2021-05 · Price GBX 1184.00 · Value 926.63 · Buy at or below 926.63; 2021-06 · Price GBX 1136.00 · Value 926.63 · Buy at or below 926.63; 2021-07 · Price GBX 1026.00 · Value 926.63 · Buy at or below 926.63; 2021-08 · Price GBX 1030.00 · Value 926.63 · Buy at or below 926.63; 2021-09 · Price GBX 1216.00 · Value 926.63 · Buy at or below 926.63; 2021-10 · Price GBX 1248.00 · Value 926.63 · Buy at or below 926.63; 2021-11 · Price GBX 1432.00 · Value 926.63 · Buy at or below 926.63; 2021-12 · Price GBX 1586.00 · Value 926.63 · Buy at or below 926.63; 2022-01 · Price GBX 1502.00 · Value 926.63 · Buy at or below 926.63; 2022-02 · Price GBX 1450.00 · Value 848.18 · Buy at or below 848.18; 2022-03 · Price GBX 1530.00 · Value 848.18 · Buy at or below 848.18; 2022-04 · Price GBX 1662.00 · Value 848.18 · Buy at or below 848.18; 2022-05 · Price GBX 1680.00 · Value 848.18 · Buy at or below 848.18; 2022-06 · Price GBX 1956.00 · Value 848.18 · Buy at or below 848.18; 2022-07 · Price GBX 2250.00 · Value 848.18 · Buy at or below 848.18; 2022-08 · Price GBX 1950.00 · Value 848.18 · Buy at or below 848.18; 2022-09 · Price GBX 1726.00 · Value 848.18 · Buy at or below 848.18; 2022-10 · Price GBX 2125.00 · Value 848.18 · Buy at or below 848.18; 2022-11 · Price GBX 2485.00 · Value 848.18 · Buy at or below 848.18; 2022-12 · Price GBX 2195.00 · Value 848.18 · Buy at or below 848.18; 2023-01 · Price GBX 1998.00 · Value 848.18 · Buy at or below 848.18; 2023-02 · Price GBX 1760.00 · Value 3002.86 · Buy at or below 3002.86; 2023-03 · Price GBX 1890.00 · Value 3002.86 · Buy at or below 3002.86; 2023-04 · Price GBX 1806.00 · Value 3002.86 · Buy at or below 3002.86; 2023-05 · Price GBX 1520.00 · Value 3002.86 · Buy at or below 3002.86; 2023-06 · Price GBX 1690.00 · Value 3002.86 · Buy at or below 3002.86; 2023-07 · Price GBX 1664.00 · Value 3002.86 · Buy at or below 3002.86; 2023-08 · Price GBX 1590.00 · Value 3002.86 · Buy at or below 3002.86; 2023-09 · Price GBX 1490.00 · Value 3002.86 · Buy at or below 3002.86; 2023-10 · Price GBX 1544.00 · Value 3002.86 · Buy at or below 3002.86; 2023-11 · Price GBX 1532.00 · Value 3002.86 · Buy at or below 3002.86; 2023-12 · Price GBX 1612.00 · Value 3002.86 · Buy at or below 3002.86; 2024-01 · Price GBX 1454.00 · Value 3002.86 · Buy at or below 3002.86; 2024-02 · Price GBX 1462.00 · Value 2342.87 · Buy at or below 2342.87; 2024-03 · Price GBX 1628.00 · Value 2342.87 · Buy at or below 2342.87; 2024-04 · Price GBX 1736.00 · Value 2342.87 · Buy at or below 2342.87; 2024-05 · Price GBX 1882.00 · Value 2342.87 · Buy at or below 2342.87; 2024-06 · Price GBX 1764.00 · Value 2342.87 · Buy at or below 2342.87; 2024-07 · Price GBX 1900.00 · Value 2342.87 · Buy at or below 2342.87; 2024-08 · Price GBX 1844.00 · Value 2342.87 · Buy at or below 2342.87; 2024-09 · Price GBX 1848.00 · Value 2342.87 · Buy at or below 2342.87; 2024-10 · Price GBX 1680.00 · Value 2342.87 · Buy at or below 2342.87; 2024-11 · Price GBX 1800.00 · Value 2342.87 · Buy at or below 2342.87; 2024-12 · Price GBX 1718.00 · Value 2342.87 · Buy at or below 2342.87; 2025-01 · Price GBX 1672.00 · Value 2342.87 · Buy at or below 2342.87; 2025-02 · Price GBX 1690.00 · Value 2027.25 · Buy at or below 2027.25; 2025-03 · Price GBX 1740.00 · Value 2027.25 · Buy at or below 2027.25; 2025-04 · Price GBX 1892.00 · Value 2027.25 · Buy at or below 2027.25; 2025-05 · Price GBX 2015.00 · Value 2027.25 · Buy at or below 2027.25; 2025-06 · Price GBX 1932.00 · Value 2027.25 · Buy at or below 2027.25; 2025-07 · Price GBX 1848.00 · Value 2027.25 · Buy at or below 2027.25; 2025-08 · Price GBX 1810.00 · Value 2027.25 · Buy at or below 2027.25; 2025-09 · Price GBX 1874.00 · Value 2027.25 · Buy at or below 2027.25; 2025-10 · Price GBX 1776.00 · Value 2027.25 · Buy at or below 2027.25; 2025-11 · Price GBX 1582.00 · Value 2027.25 · Buy at or below 2027.25; 2025-12 · Price GBX 1358.00 · Value 2027.25 · Buy at or below 2027.25; 2026-01 · Price GBX 1332.00 · Value 2027.25 · Buy at or below 2027.25; 2026-02 · Price GBX 1370.00 · Value 1388.92 · Buy at or below 1388.92; 2026-03 · Price GBX 1292.00 · Value 1388.92 · Buy at or below 1388.92; 2026-04 · Price GBX 1170.00 · Value 1388.92 · Buy at or below 1388.92; 2026-05 · Price GBX 1004.00 · Value 1388.92 · Buy at or below 1388.92; 2026-06 · Price GBX 743.00 · Value 1388.92 · Buy at or below 1388.92; 2026-07 · Price GBX 851.00 · Value 1388.92 · Buy at or below 1388.92; 2026-08 · Price GBX 875.00 · Value 1388.92 · Buy at or below 1388.92; 2026-09 · Price GBX 809.00 · Value 1388.92 · Buy at or below 1388.92; 2026-10 · Price GBX 864.00 · Value 1388.92 · Buy at or below 1388.92; 2026-10 · Price GBX 864.00 · Value 1388.92 · Buy at or below 1388.92

GBX per share · annual estimates

Price & return math
Value range	GBX 1,293.89 – GBX 1,687.71
Buy at or below	Central value GBX 1,462.82
Discount to value	1 − 864.00 / 1462.82 = 40.9%
Return / year	About 15.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash GBX 112.10/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash GBX 68.65/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueGBP 1.9B

Revenue

Owner earningsGBP 108M

Owner earnings

Operating margin6.4%

Operating margin

Net cash / debtGBP -143M

Net cash / debt

Diluted shares81M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·